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Company Accounts

20 Questions  I  By Sweetsalman123
Company Accounts

  
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1.  Preference share amounting to Rs.2,00,000 are redeemed at a premium of 5% by issue of share amounting to Rs.1,00,000 at a premium of 10% the amount to be transferred to capital redemption reserve account will be    
A.
B.
C.
D.
2.  Jain & Co. forfeited 50 shares of Rs.10 each. Rs.8 called up on which application money of Rs.5 per share was paid. The entry .for forfeiture is. Options :                          (A)     Share Capital A/c Dr.                       400               To Share premium A/c                               150                To share allotment A/c                                250 (B)     Share Capital A/c Dr.                       400                To Share forfeiture A/c                               250                To Share allotment A/c                               150 (C)     Share Capital A/c Dr.                        500                   To Share forfeiture A/c                             250                   To Share allotment A/c                             250 (D)     None of the above
A.
B.
C.
D.
3.  There are 60,000 preference share of Rs.10 each fully called up. But there are call in arrears of Rs.4,000 @ Rs.2 per share. Company can redeem at present  
A.
B.
C.
D.
4.  Preliminary expenses are treated as  
A.
B.
C.
D.
5.  A company issues 100 debentures of Rs. 1000 each at 97 per cent. Theseare repayable out of profits by equal annual drawings over 5 years.Discount on issue of debentures will be written off in the ratio                            
A.
B.
C.
D.
6.  Sure Ltd. issued 5,000,15% Debentures of Rs.100 each at a premium of Rs.10 each. These debentures were to be redeemed at a premium of Rs.4 each after 5 years. The amount to be credited to the debenture premium account will be  
A.
B.
C.
D.
7.  Preference shares of Rs.3,00,000 are redeemed at par for which fresh equity shares of Rs.1,20,000 are issued at 20% premium. What amount should be transferred to capital redemption reserve account?  
A.
B.
C.
D.
8.  Gopal was holding 100 shares of 10 each of a company on which he had paid Rs. 3 on application and Rs. 2 allotment, but could not pay Rs. 2 on first calll Forfeited shares a/c Will be credited with  
A.
B.
C.
D.
9.  Mr. Bajaj who was the holder of 200 Equity shares of Rs.100 each of Canny Ltd., on which only Rs.75 per share has been called up, couldn't pay his dues on allotment and first class each at Rs.25 per share. The director forfeited the above shares & reissued 150 of such shares to Mr. Birla at Rs.65 per share paid up as Rs.75 per share. The amount to be transferred to capital reserve account will be  
A.
B.
C.
D.
10.  Taksh Ltd.purchased land and building from Daksh Ltd.for a book value of Rs.5,00,000.The consideration was paid by issue of 10 % Debentures of Rs.100 each at a discount of 20 % .The debentures account will be credited with
A.
B.
C.
D.
11.  Mohit Ltd had 9000,10% redeemable preference shares of Rs.10 each, fully paid up. The company decided to redeem these preference shares at par by the issue of sufficient number of equity shares of  Rs.10 each fully paid up at a discount of 10%. The number of equity share issued should be
A.
B.
C.
D.
12.  In the trial balance of joint stock company the following balances are given (i)10% Mortgage debenture                         4,00,000         (payable after 4 years) (ii) Discount allowed on issue of debenture  10,000 Amount of discount written off per year will be  
A.
B.
C.
D.
13.  If on a share of Rs.50. Only is Rs.40 has been called and the company has received Rs.30 till date. The capital account should be credited with  
A.
B.
C.
D.
14.  A collateral security of 8,000 10% Debentures of Rs.lO'each has been issued at a premium of 25% to A in lieu of a loan of Rs.1,00,000 taken on 1st January, 2006. At the end of the year, interest was paid on:  
A.
B.
C.
D.
15.  A Ltd. makes an issue of 10,000 Equity shares of Rs. 100 each payable as follows: On application and al lotment  Rs. 50   On First Call                                 Rs. 25 On Second & Fi nal Ca II           Rs. 25 Members holding 400 shares did not pay the second call and the shares are duly forfeited, 300 of which are reissued on fully paid at Rs. 80 per share. Amount transferred to Capital reserve will be_________.  
A.
B.
C.
D.
16.  Debenture holders are    
A.
B.
C.
D.
17.  Loss on issue of debentures is treated as__________ .  
A.
B.
C.
D.
18.  Issued 2000,12% Debentures of Rs. 100 each at a discount of 2% redeemable at a premium of 5%. Loss on issue of debentures will be  
A.
B.
C.
D.
19.  For shares issued to promoters for their services, account debited is
A.
B.
C.
D.
20.  A company issued Rs. 100,000 15% Debentures at a discount of 5% redeemable after 10 years at a premium of 10%. Loss on issue of debentures will be:
A.
B.
C.
D.
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